# Why TSMC Might Be Your Next Tech Play

Taiwan Semiconductor (TSM) has been an absolute printing machine — up 1,257% over the past decade with ~30% average annual returns. But is it overcooked or actually worth buying?

Here's the thing: while most chip companies just design, TSMC actually *manufactures* — and dominates with 68% global market share (90% in advanced processors). That's the moat everyone's sleeping on.

The growth story is legit. Q3 revenue jumped 30% YoY, net income up 39%, with a fat 45.7% profit margin. AI, smartphones, data centers are all thirsty for those smaller, faster transistors TSMC makes.

Two wildcards:
1. **Taiwan exposure** — geopolitical risk is real, but they're now building U.S. facilities to hedge
2. **Valuation** — forward P/E at 24.5 is slightly elevated vs 5-year avg of 20.2, but reasonable for the growth rate

Bonus: dividend yield is only 1.16% but growing 13% annually.

Bottom line? If you're playing a long-term AI/semiconductor mega-trend, TSMC deserves a serious look. Just don't expect it to 10x like the early days.